TORONTO, Feb. 26 /CNW Telbec/ - VVC EXPLORATION CORPORATION (VVC: TSX-V) (V7S: FSE / BBSE) ("VVC" or the "Company") announces that it has closed subscriptions for a non-brokered private placement at 33 cents per unit with total subscriptions amounting to $480,000 for 1,440,000 units. Each unit comprises one common share and one share-purchase warrant to purchase an additional share at $0.50 until February 26th, 2009. The net proceeds after will be used for working capital, reduction of accounts payable, exploration of existing properties in Canada, ongoing search for new properties in Canada and abroad and when required engaging an independent Qualified Person to review new projects under consideration. The shares will be subject to resale restrictions for four months. The Private Placement has not yet been accepted for filing by the TSX Venture Exchange. An aggregate of $44,000 in cash will be paid as Finders' fees to a person instrumental in arranging the placement.
VVC also announces that Beaver Brook Antimony Mines Inc. ("BBAM") recently completed a financing of CA$ 7 million for the purpose of restarting production at its antimony mine located in central Newfoundland. VVC also announces that it has finalized a transaction to sell 400,000 shares of BBAM. VVC continues to hold 1,820,425 shares of BBAM representing 18.2% of the issued and outstanding shares of BBAM.
The Company is continuing to search for and evaluate new resource projects in Canada and China. Any developments on this front or any other material developments will be announced on a timely basis.
About VVC:
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VVC Exploration Corporation is a Canadian exploration company with projects in Canada and China. VVC also has an indirect participation in the Beaver Brook Antimony Mine in Newfoundland, Canada and is aggressively searching for other projects in and around China. Visit our website at www.vvcexploration.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
On Behalf of the board of Directors
(SIGNED)
Michel J. Lafrance, Secretary-Treasurer